Last post April 15, 2010 10:41 AM by Sharon John. 1 repiles.
The compensation is the most important part of the work profile considering that the primary motivation of the employee is derived from that.Components of a reward strategy should be a fair combination of :-1.Direct FinancialBase pay Incentives Cash recognition 2.Indirect FinancialNon-cash recognition 3.IdentificationOrganizational pride Title, level 4.Work ContentClear goals Feedback Challenge 5.Career OpportunitiesGrowth Job security Any more to add on to the above list are invited from members.
A rewards strategy should outline your company's reward philosophy and the strategy that would be employed to align to the philosophy. Typical components included as part of the strategy are:
Strategy on market competitiveness
Strategy on pay positioning
Strategy on retention
Strategy on variable pay